AAM - A1 Minerals

[AngusSmart]

This is strange, we're actually getting somewhat frequent updates from AAM...


BRIGHTSTAR UPDATE
• Gold Increases to 384oz for 1st week of July • Ore grade increased to 3.3g/t • Currently accessing richest part of the orebody
Latest estimates for gold produced during the first week of July increased to 384oz from 300oz (actual) in the previous week in line with the increasing availability of dry ore for blending.

More here http://imagesignal.comsec.com.au/asxdata/20100715/pdf/01079557.pdf

 

[jonojpsg]

This is strange, we're actually getting somewhat frequent updates from AAM...


BRIGHTSTAR UPDATE
• Gold Increases to 384oz for 1st week of July • Ore grade increased to 3.3g/t • Currently accessing richest part of the orebody
Latest estimates for gold produced during the first week of July increased to 384oz from 300oz (actual) in the previous week in line with the increasing availability of dry ore for blending.

More here http://imagesignal.comsec.com.au/asxdata/20100715/pdf/01079557.pdf

Yep, that'd be what I would be after if I was still holding - although I am watching with a bit of interest I must say. Grades should continue to increase as they work down into the higher grade part of central pit, which seems to be born out by the jump to 3.3g/t. Obviously one would want to see their daily throughput stabilising up around the 750t per day to give them more like the 600oz a week that they were aiming for.

I realised too on my last post that my calculation of $200k per week should have been FREE cash flow (after $700/oz cash costs) so there should be NO requirement for MORE CASH

Esp if they are at 350oz x $700 = $245k per week ($1m a month) free cash flow. Come on now, what do they need an extra $10m for (except to line their pockets)

 

[Sean K]

Esp if they are at 350oz x $700 = $245k per week ($1m a month) free cash flow.

jono, I know that's back of the envelope stuff, but are we missing anything else in regard to cash flow and expenses? Any loans, debts, depreciation, exploration, etc costs of significance. Maybe not an issue.

And aren't they targetting 2500 oz a mth at $600? Still a bit to go.

 

[CapnBirdseye]

This is strange, we're actually getting somewhat frequent updates from AAM...

Not too ununsual where there is a SPP underway. Call me a cynic, but it may go quiet once the placement is complete.

jono, I know that's back of the envelope stuff, but are we missing anything else in regard to cash flow and expenses? Any loans, debts, depreciation, exploration, etc costs of significance. Maybe not an issue.

And aren't they targetting 2500 oz a mth at $600? Still a bit to go.

This is strange, NAV did the exact same thing. I just don't get why you wouldn't sit tight and wait for the cash to come in. May be a cash-flow thing, but a overdraft ususally caters for cash buffering.

 

[J&M]

had a call from AAM tonight asking if we were going the buy more shares at the cap raising price of 18c
The shares were only 16c a few days ago and .185c yesterday
today they are 18c
Seems they are getting desperate to raise some funds

I only have a small holding and not looking to buy any more at this time

Your views are welcome

James

 

[Sean K]

had a call from AAM tonight asking if we were going the buy more shares at the cap raising price of 18c
The shares were only 16c a few days ago and .185c yesterday
today they are 18c
Seems they are getting desperate to raise some funds

I only have a small holding and not looking to buy any more at this time

Your views are welcome

James

On those numbers, unless you are buying hundreds of thousands of shares, it doesn't really matter. It could go up, or down, and you will be marginally up or down one way or the other. Perhaps what matters is what longer term direction you think she's going and if you actually want any more shares I think.

 

[AngusSmart]

had a call from AAM tonight asking if we were going the buy more shares at the cap raising price of 18c
The shares were only 16c a few days ago and .185c yesterday
today they are 18c
Seems they are getting desperate to raise some funds

I only have a small holding and not looking to buy any more at this time

Your views are welcome

James

Yeah i had a message when i got home, however. i forgot i had a buy open and i copped some @ 18c the day before the raising was announced.. not really looking for more and wish i hadn't got them the day before either..

seems a bit desperate, and i agree. i think the spp was too high.

 

[condog]

its a blue skier if they pull it off, but right now they have ruined the trust of most, from the poor communication and questionable press releases of the last 6 months.

happy to be sitting on the sideline watching with interest. ready to pounce once the figures match the story.

it seems like its getting better, but if it was as good as they say they wouldn need this cash or the last one in my opinion.

 

[Miner]

Have not seen AAM Shareholder's posting on this thread for some or long time

I hope you are still well and keeping active interest on this

Cheers

Disclaimer NH but keeping interest alive

 

[manyon22]

I agree condog, i sold all mine when the SPP was announced. I really disliked how their announcement was pitched - we need more money to explore this wonderful discovery we have - yeah right, nothing to do with the fact it's cost you more to get started up than planned and you need some cash to keep going.

I expected teething difficulties but their lack of frequent and frank announcements really damaged my trust in them. I expect this was similar for everyone else.

Having said that, if they get over their problems now and start making a profit then I'll be buying back in but they really have to prove themselves capable first.

 

[AAM shareholder]

Have not seen AAM Shareholder's posting on this thread for some or long time

I hope you are still well and keeping active interest on this

Cheers

Disclaimer NH but keeping interest alive

Hi and thank you for you kind comment.
Yes I'm well, but have been selling down and was angry on seeing the SPP.
I've just reviewed some of my prior comments. It's always difficult to be objective in a group without wanting to blog, make a point and appear correct and say "told you". I figured I'd said it all.

I had built a large holding in AAM and traded them. I was a top 20 shareholder but have essentially sold down and would buy ONLY if / WHEN the board is replaced. I think that's not out of the question!

I smiled when I read my post of 28th April. Maybe I should re-read some of my other posts....

AAM where to now....I believe they have someone organising the production and that is improving. If they don't get enough cash I think the board will have eruptions. The chart is still not giving me a buy signal... things can change overnight, too many variables.

I am worried re the whole market ....breaking up OR getting setup for a sharp correction! Must admit I sense some underlying interest in some of the other shares and am watching to see the market position at the end of Aug.

Kind regards to all

 

[Miner]

Hi and thank you for you kind comment.
Yes I'm well, but have been selling down and was angry on seeing the SPP.
I've just reviewed some of my prior comments. It's always difficult to be objective in a group without wanting to blog, make a point and appear correct and say "told you". I figured I'd said it all.

I had built a large holding in AAM and traded them. I was a top 20 shareholder but have essentially sold down and would buy ONLY if / WHEN the board is replaced. I think that's not out of the question!

I smiled when I read my post of 28th April. Maybe I should re-read some of my other posts....

AAM where to now....I believe they have someone organising the production and that is improving. If they don't get enough cash I think the board will have eruptions. The chart is still not giving me a buy signal... things can change overnight, too many variables.

I am worried re the whole market ....breaking up OR getting setup for a sharp correction! Must admit I sense some underlying interest in some of the other shares and am watching to see the market position at the end of Aug.

Kind regards to all

Hi AAM Shareholder

Hope you have made good money on your unloading of AAM.
There are few other companies who play illusive games with some con board. Reading through AAM was no exception.
Probably you should change your name since you are no more the big gun for AAM (just kidding).
I am safe as I will remained a Miner no matter what

All the best

Regards

 

[AAM shareholder]

NARNOO fairy tales

A FEW EXTRACTS of some ASX announcements by AAM

15-11-2005 "NARNOO EXPANDED TO MULTI ELEMENT PROJECT WITH MINERAL SANDS AND URANIUM POTENTIAL"
ADDITIONAL PROSPECTS FOR GOLD, NICKEL, COPPER AND DIAMONDS

17-07-2007 "Large Uranium Anomoly at Narnoo"

July 2007 OKLU Uranium IPO 20c (now approx 4cents) listed to target uranium. 70% of Narnoo uranium by spending 1.2mill etc

19-10-07 "Advised exploration significance of 3 major targets has been confirmed"
Also written up by the "Australian Investor" so it must be good!

03-03-2009 "Ground Breaking Exploration program potential for gold and uranium deposits" etc etc.

10-12-2008 "COAL discovery at Narnoo" another boost for AAM's share price

10-02-2010 Sale of Non Core Tenements at Narnoo
A1 reached agreement during the quarter to sell non core tenements at Narnoo. The sale consideration was $0.3m in cash and a 2% NSR royalty

Dear Shareholders ITS NON CORE!

Not sure why ... bad memory but I think Desert Fox (a company with T Hronsky as director is involved. Now its to be part of an IPO with St George Mining and I think the same director. PS Tim's brother a "Nickle Expert" had rated it highly for nickle.

BUT our directors sold and We'D HAVE YOU FUND IT a 2nd time.

WE have not been told what discoveries were made at Narnoo but be sure the IPO will be "FULL OF IT"

 

[AAM shareholder]

AAM APPENDIX 5B fairy tales

Quarter ended 30th June 2010

Cash flow related to operating activity.
1.2 (c) Production (647)

Quarter ended 30th Match 2010
1.2 (c) (1,230)
Okay so for latest 3 months the production costs halved while production increased form $261,000 to $2,768,000

ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER
Production 4,120,000

Please try and reconcile this as I can't.

DO I BELIEVE THIS?

What is the creditors' position.
Were creditors promised payment once funds were raised? how many more employee and other shares are to be issued to cover costs?

Cash flows related to investment activities
March quarter
Payments for purchases for other fixed assets (3,312)
June quarter (4,079)
What are these ..... incidentals?

Administration costs halved this quarter?
March quarter (696)
June quarter (320)
Next quarter est (458)
How much is owed? to staff for June quarter?

June quarter
Cash flows related to operating activities
1.2 Payments for (a) exploration & evaluation 169
this is a credit (payment received)

I guess I am having trouble reconciling these accounts and making sense.......says he

Bottom line without the .5mill giveaway sale to Regis AAM would be broke.
The next 3 months doesn't look financially terrific to me.
I would like TO SEE THE BOOKS!
I would like TO AUDIT THE PROJECT.

 

[AngusSmart]

* cough bull**** cough *


Extension of Closing Date for Share Purchase Plan for One Week

Under the terms of the A1 Minerals Limited Share Purchase Plan announced on 9th July 2010 the board of A1 Minerals Limited have decided to extend the closing date of the Share Purchase Plan.
The bulk of applications are only now being received despite a two and a half week offer period. However indications from shareholders suggested that there was insufficient time to consider fully the offer. Therefore the closing date has been extended by one week and will now close on Monday 9th August 2010

More here..

http://imagesignal.comsec.com.au/asxdata/20100802/pdf/01085029.pdf

 

[J&M]

Why would you put into a cap raising at 18c when the current price is around 17c 18c and could fall to 16c or lower

I do have a holding in this stock and have lost a bit so far
not looking to average down or buy more at this time

James

 

[J&M]

yet another call from AAM left a MSG asked me to call then re cap raising
Shares now at 166c
why would anyone pay 18c share for cap raising when you can get them for 165 C
Just confused why they would even bother calling again '

James

 

[5min]

Knowing they reduce spp prices, I'm tempted to get out @ 16c tomorrow. They may call back next week to offer @ 10c... who knows...

 

[J&M]

Copy from AAM

this should bring a smile to AAMShareholder
I recall him saying that the mananger would resign with some pushing of course


BOARD ROOM CHANGES
The Managing Director of A1 Minerals Ltd John Williams has tendered his resignation, effective immediately, as Managing Director of the company.
The board acknowledges Mr Williams' contribution to A1 Minerals (ASX: AAM).
His geological expertise was responsible for the company's substantial resource base and the board appreciates his energy in developing the company’s Brightstar mine in the Laverton region of Western Australia through to production
The company’s Chief Financial Officer Albert Longo has been appointed Finance Director and the company today appointed Bill Hobba and Richard Stroud as Non Executive Directors, effective immediately.
Mr Hobba provided and established the Brightstar gold plant for the company and has been assisting on mill operation matters at the mine site.
Richard Stroud is a mining engineer with 37 years of experience in the mining industry and currently is a director of Optiro Pty Limited, a mining consultancy based in West Perth. Mr Stroud has worked on numerous projects both within Australia and internationally.
The company will be seeking a new chief executive officer

I have a small holding

 

[Sean K]

BOARD ROOM CHANGES
The Managing Director of A1 Minerals Ltd John Williams has tendered his resignation, effective immediately, as Managing Director of the company.

WOW, not even for 'health reasons'. Or the old chest nut for 'personal reasons'. Maybe they should have just come clean and said for 'reasons we can not explain'.